The project will set the city back $230 million, but is expected to generate enough revenue and jobs to satiate the longevity of the project. More importantly, the project will transform the underdog borough, which often gets a bad rap because of its infamous landfills.

Dubbed The New York Wheel, the ferris wheel will be 84 feet higher than the Singapore Flyer, which is currently the world’s tallest ferris wheel. The New York Wheel will have thirty-six capsules that can hold 40 passengers at a time. Perched on Staten Island’s North Shore, the amusement will treat passengers to unparalleled views of Lower Manhattan and beyond, and will become a sight on the skyline itself.

Banking on the popularity of the London Eye and the Singapore Flyer, Bloomberg’s plan for the New York Wheel estimates 4.5 million visitors per year. With these tourists flocking to Staten Island to ride the wheel, Bloomberg has also planned for a 350,00 square foot retail complex. The stores will help activate Staten Island’s economy- and bring clout to the often tourist-neglected borough.

The project will set the city back $230 million, but is expected to generate enough revenue and jobs to satiate the longevity of the project. More importantly, the project will transform the underdog borough, which often gets a bad rap because of its infamous landfills.

It is expected that construction of the New York Wheel and subsequent shopping complex will begin in 2014 and be finished by 2015.